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Exemption - Phaseout

You can claim an exemption for yourself, your spouse, and each of your dependents. You can generally deduct $4,000 from your adjusted gross income for each exemption you claim in 2015, which will lower your taxable income. The total number of exemptions is reported on Line 6d of Form 1040, and the total dollar amount of exemptions is reported on Line 42 of Form 1040.

For tax year 2015, the personal exemption amount will phase out for taxpayers with the following adjusted gross income ranges: